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War on the loan sharks

CUMBRIA is cracking down on loan sharks this Christmas, as 20 per cent of victims say they originally borrowed to pay for festivities.

Beware the sharks: Sid the Shark toured the Whitehaven town centre with members of the Credit Union warning of the dangers of loan sharks.

The England Illegal Money Lending Team, in partnership with Cumbria County Council, say they are determined to stamp the problem out.

Angela Jones, Cumbria County Council’s Trading Standards manager, told The Whitehaven News: “Illegal money lending is a despicable crime and we are determined to stamp out this problem in Cumbria.

“We want residents to know that there are alternatives to borrowing from a loan shark, such as Credit Unions which are based within communities and offer low interest rates.

“Please don't let loan sharks ruin your Christmas – if you are approached by a loan shark we urge you to report it to the team in confidence.”

Loan sharks rarely offer paperwork and are unclear on the terms of the loan, so borrowers are completely in the dark as to how much they are actually paying. Extra amounts and interest payments are added completely at random, so the debt spirals.

To highlight the impact loan sharks can have the England Illegal Money Lending Team has released a video compilation of real life victims’ stories.

Watch the video on You Tube http://youtu.be/-EIyIMHdOtc

Anyone with any information can ring the confidential hotline 0300 555 2222